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A vehicle purchased for $20,700 depreciates at a constant rate of 4%. Determine the approximate value of the vehicle 15 years after purchase.

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The approximate value of the vehicle 15 years after purchase is $11,221.19.

What is the approximate value of the vehicle 15 years after purchase?

Depreciation is when the value of an asset declines with the passage of time as a result of wear and tear.

Value of the car = purchase price x (1 - rate of decline)^number of years

20,700 x (1 - 0.04)^15 = $11,221.19

To learn more about depreciation, please check: https://brainly.com/question/25552427

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